Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
Please note that all times are shown in the time zone of the conference. The current conference time is: 21st Sept 2023, 06:08:15am CDT
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Session Overview |
| Date: Monday, 22/May/2023 | |
| 4:00pm - 6:00pm |
Welcome Reception Location: AT&T Hotel Conference Center/Hotel Interior Courtyard (Weather back-up location: Tejas Conference Dining Room) |
| Date: Tuesday, 23/May/2023 | |||
| 8:30am - 3:00pm |
Registration Location: Rowling Hall Atrium Visit the registration desk to pick up your name badge. |
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| 9:00am - 9:45am |
Track T1-1: Corporate Finance Location: RRH 3.310 Chair: Hui Chen, MIT Chair: Juliane Begenau, Stanford University Discussant: Juliane Begenau, Stanford University Preparing for the Storm: Firm Policies and Recession Risk 1: UC Berkeley; 2: Boston University; 3: Rice University |
Track T2-1: Government Debt, Monetary Policy and the Term Structure Location: RRH 3.402 Chair: Marco Grotteria, London Business School Discussant: Gonzalo Morales, Bank of Canada Government Debt Management and Inflation with Real and Nominal Debt 1: USC Marshall School of Business; 2: University of Surrey; 3: Federal Reserve Bank of Chicago |
Track T3-1: ESG (1) Location: RRH 3.406 Chair: Shaojun Zhang, Ohio State University Discussant: Bellon Aymeric, UNC Kenan-Flagler Business School How Does ESG Shape Consumption? 1: University of Florida; 2: University of Hong Kong; 3: China Europe International Business School; 4: Auburn University |
| Track T4-1: Consumer Finance Location: RRH 3.414 Chair: Christopher Palmer, MIT Discussant: David Hao Zhang, Rice University Who Pays For Your Rewards? Redistribution in the Credit Card Market 1: National University of Singapore; 2: International Monetary Fund and CEPR; 3: Federal Reserve Board |
Track T5-1: Mutual Funds Location: RRH 4.314 Chair: Clemens Sialm, University of Texas Austin Discussant: Yao Zeng, University of Pennsylvania The Economics of Mutual Fund Marketing 1: Department of Finance, London School of Economics; 2: CUHK Business School, The Chinese University of Hong Kong; 3: McCombs School of Business, the University of Texas at Austin |
Track T6-1: Market Power and Financial Intermediation Location: RRH 4.408 Chair: Erica Jiang, University of Southern California Chair: Jinyuan Zhang, UCLA Discussant: Yi Li, Federal Reserve Board Regulating Clearing in Networks 1: Carnegie Mellon University - Tepper School of Business; 2: Federal Reserve Bank of Philadelphia; 3: University of Pennsylvania and NBER |
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| Track T7-1: Entrepreneurship and Innovations Location: RRH 4.416 Chair: Adrien Matray, Princeton University Discussant: Ia Vardishvili, Auburn University Declining Business Formation and the Rise of Superstar Firms 1: Ohio State University; 2: University of California at Irvine |
Track T8-1: Bubbles and Expectations Location: RRH 5.402 Chair: Lawrence Jin, Cornell University Discussant: Yong Wook (Spencer) Kwon, Harvard University Investor Memory and Biased Beliefs: Evidence from the Field 1: Northwestern Kellogg; 2: CUHK Shenzhen; 3: LSE; 4: Depaul |
Track T9-1: Real Estate and Default Location: RRH 5.408 Chair: Caitlin Gorback, U Texas Discussant: Brittany Lewis, Olin School of Business,Washington University - St. Louis The Demand for Long-Term Mortgage Contracts and the Role of Collateral University of Pennsylvania |
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| 9:45am - 10:15am |
Break |
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| 10:15am - 11:00am |
Track T1-2: Corporate Finance Location: RRH 3.310 Chair: Hui Chen, MIT Chair: Juliane Begenau, Stanford University Discussant: Michael Sockin, UT Austin Market Feedback: Evidence from the Horse’s Mouth 1: University of Pennsylvania; 2: Tsinghua University; 3: University of Toronto |
Track T2-2: Government Debt, Monetary Policy and the Term Structure Location: RRH 3.402 Chair: Marco Grotteria, London Business School Discussant: Sebastian Hillenbrand, Harvard Business School What do Bond Investors Learn from Macroeconomic News? 1: McGill University -- Desautels Faculty of Management; 2: Bank of Canada |
Track T3-2: ESG (1) Location: RRH 3.406 Chair: Shaojun Zhang, Ohio State University Discussant: Alessandro Melone, The Ohio State University The Cost of ESG Investing Arizona State University |
| Track T4-2: Consumer Finance Location: RRH 3.414 Chair: Christopher Palmer, MIT Discussant: Sheisha Kulkarni, McIntire School of Commerce UVA The Supply and Demand for Data Privacy: Evidence from Mobile Apps 1: University of British Columbia; 2: London School of Economics; 3: London School of Economics; CEPR |
Track T5-2: Mutual Funds Location: RRH 4.314 Chair: Clemens Sialm, University of Texas Austin Discussant: Qifei Zhu, Nanyang Technological University Return Expectations and Portfolios: Evidence from Large Asset Managers 1: Stockholm School of Economics; 2: Copenhagen Business School |
Track T6-2: Market Power and Financial Intermediation Location: RRH 4.408 Chair: Erica Jiang, University of Southern California Chair: Jinyuan Zhang, UCLA Discussant: Sergei Glebkin, INSEAD Market Power in the Securities Lending Market 1: University of Rochester; 2: Purdue University |
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| Track T7-2: Entrepreneurship and Innovations Location: RRH 4.416 Chair: Adrien Matray, Princeton University Discussant: Ruben Gaetani, University of Toronto Human Capital Reallocation and Agglomeration of Innovation: Evidence from Technological Breakthroughs University of Maryland |
Track T8-2: Bubbles and Expectations Location: RRH 5.402 Chair: Lawrence Jin, Cornell University Discussant: Jiacui Li, David Eccles School of Business, University of Utah What Drives Stock Prices in a Bubble? Harvard University |
Track T9-2: Real Estate and Default Location: RRH 5.408 Chair: Caitlin Gorback, U Texas Discussant: Lee Seltzer, Federal Reserve Bank of New York Who bears flood risk? Evidence from mortgage markets in Florida Columbia Business School |
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| 11:00am - 11:15am |
Break |
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| 11:15am - 12:00pm |
Track T1-3: Corporate Finance Location: RRH 3.310 Chair: Hui Chen, MIT Chair: Juliane Begenau, Stanford University Discussant: Erik Loualiche, University of Minnesota Oligopoly dynamics with financing frictions The Wharton School |
Track T2-3: Government Debt, Monetary Policy and the Term Structure Location: RRH 3.402 Chair: Marco Grotteria, London Business School Discussant: Toomas Laarits, NYU Stern School of Business Intermediary Balance Sheets and the Treasury Yield Curve 1: University of Chicago; 2: Stanford University; 3: University of Southern California |
Track T3-3: ESG (1) Location: RRH 3.406 Chair: Shaojun Zhang, Ohio State University Discussant: Maria Bustamante, University of Maryland Socially Responsible Divestment 1: London Business School; 2: University of Washington; 3: Indiana University |
| Track T4-3: Consumer Finance Location: RRH 3.414 Chair: Christopher Palmer, MIT Discussant: Darren Aiello, BYU Marriott Bank Technology Adoption and Loan Production in the U.S. Mortgage Market 1: University of Florida; 2: Stanford University; 3: Boston College |
Track T5-3: Mutual Funds Location: RRH 4.314 Chair: Clemens Sialm, University of Texas Austin Discussant: Nancy Xu, Boston College Global Fund Flows and Emerging Market Tail Risk 1: Federal Reserve Bank of Kansas City; 2: University of North Carolina at Chapel Hill; NBER; CEPR; 3: University of North Carolina at Chapel Hill |
Track T6-3: Market Power and Financial Intermediation Location: RRH 4.408 Chair: Erica Jiang, University of Southern California Chair: Jinyuan Zhang, UCLA Discussant: Amy Huber, Wharton Intermediary Market Power and Capital Constraints 1: Boston College; 2: Bank of Canada |
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| Track T7-3: Entrepreneurship and Innovations Location: RRH 4.416 Chair: Adrien Matray, Princeton University Discussant: Kim Fe Cramer, LSE Safety Nets, Credit, and Investment: Evidence from a Guaranteed Income Program 1: University of Chicago Booth School of Business; 2: Indian Institute of Management Bangalore |
Track T8-3: Bubbles and Expectations Location: RRH 5.402 Chair: Lawrence Jin, Cornell University Discussant: Indira Puri, MIT Psychological Distance and Subjective Beliefs 1: Imperial College Business School; 2: EDHEC; 3: UC Berkeley, Haas |
Track T9-3: Real Estate and Default Location: RRH 5.408 Chair: Caitlin Gorback, U Texas Discussant: Tess Scharlemann, Federal Reserve Board of Governors Forbearance vs. Interest Rates: Experimental Tests of Liquidity and Strategic Default Triggers WashU |
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| 12:00pm - 1:30pm |
Lunch with SFS Annual Meeting & Presentation of Journal Awards Location: Zlotnik Ballroom |
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| 1:30pm - 2:15pm |
Track T1-4: Corporate Finance Location: RRH 3.310 Chair: Hui Chen, MIT Chair: Winston Wei Dou, The Wharton School at University of Pennsylvania Discussant: Daniel Carvalho, Kelley School of Business, Indiana University Financial Integration through Production Networks 1: University of Miami; 2: University of Colorado, Boulder; 3: Indian School of Business; 4: University of Southern California |
Track T2-4: Government Debt, Monetary Policy and the Term Structure Location: RRH 3.402 Chair: Marco Grotteria, London Business School Discussant: Pablo Ottonello, Michigan Monetary Policy and the Maturity Structure of Public Debt Boston College |
Track T3-4: ESG (1) Location: RRH 3.406 Chair: Shaojun Zhang, Ohio State University Discussant: Emirhan İlhan, NUS Business School Green Investors and Green Transition Efforts: Talk the Talk or Walk the Walk? Swiss Finance Institute and Università della Svizzera italiana |
| Track T4-4: Consumer Finance Location: RRH 3.414 Chair: Christopher Palmer, MIT Discussant: Tyler Ransom, University of Oklahoma Financial Frictions and Human Capital Investments Northwestern University |
Track T5-4: Mutual Funds Location: RRH 4.314 Chair: Clemens Sialm, University of Texas Austin Discussant: Kumar Venkataraman, Southern Methodist University Avoiding Idiosyncratic Volatility: Flow Sensitivity to Individual Stock Returns 1: Harvard Business School; 2: USI Lugano; 3: Reichman University and The Wharton School; 4: Stockholm University |
Track T6-4: Market Power and Financial Intermediation Location: RRH 4.408 Chair: Erica Jiang, University of Southern California Chair: Jinyuan Zhang, UCLA Discussant: Daniel Green, HBS Defunding Controversial Industries: Can Targeted Credit Rationing Choke Firms? 1: Jesse H. Jones Graduate School of Business, Rice University; 2: Board of Governors of the Federal Reserve System; 3: Robert H. Smith School of Business, University of Maryland |
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| Track T7-4: Entrepreneurship and Innovations Location: RRH 4.416 Chair: Adrien Matray, Princeton University Discussant: Xiaofei Zhao, Georgetown University McDonough School of Business Entrepreneurs’ Diversification And Labor Income Risk 1: University of British Columbia; 2: Indiana University; 3: University of Naples |
Track T8-4: Bubbles and Expectations Location: RRH 5.402 Chair: Lawrence Jin, Cornell University Discussant: Paul Fontanier, Yale SOM Model-Free Mispricing Factors 1: UCLA; 2: Columbia Business School |
Track T9-4: Real Estate and Default Location: RRH 5.408 Chair: Caitlin Gorback, U Texas Discussant: Cameron LaPoint, Yale School of Management Printing Away the Mortgages: Fiscal Inflation and the Post-Covid Housing Boom 1: University of Pennsylvania; 2: University of Pennsylvania and NBER |
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| 2:15pm - 2:35pm |
Break |
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| 2:35pm - 3:20pm |
Track T1-5: Corporate Finance Location: RRH 3.310 Chair: Hui Chen, MIT Chair: Winston Wei Dou, The Wharton School at University of Pennsylvania Discussant: Winston Wei Dou, The Wharton School at University of Pennsylvania Appropriated Growth 1: University of Minnesota; 2: University of South Carolina |
Track T2-5: Government Debt, Monetary Policy and the Term Structure Location: RRH 3.402 Chair: Marco Grotteria, London Business School Discussant: Wenhao Li, University of Southern California Risk-Free Rates and Convenience Yields Around the World 1: University of Pennsylvania; 2: Federal Reserve Bank of New York |
Track T3-5: ESG (1) Location: RRH 3.406 Chair: Shaojun Zhang, Ohio State University Discussant: Sehoon Kim, University of Florida Do Carbon Prices Affect Stock Returns? 1: Imperial College London; 2: CEPR; 3: NBER; 4: University of Amsterdam; 5: NBB |
| Track T4-5: Consumer Finance Location: RRH 3.414 Chair: Christopher Palmer, MIT Discussant: Jose Maria Barrero, ITAM Measuring the Impact of Remote Work Using Big Data 1: University of Hong Kong; 2: University of Notre Dame |
Track T5-5: Mutual Funds Location: RRH 4.314 Chair: Clemens Sialm, University of Texas Austin Discussant: Juliane Begenau, Stanford University Choosing Pension Fund Investment Consultants 1: Board of Governors of the Federal Reserve System; 2: University of Amsterdam; 3: CEPR; 4: De Nederlandsche Bank |
Track T6-5: Market Power and Financial Intermediation Location: RRH 4.408 Chair: Erica Jiang, University of Southern California Chair: Jinyuan Zhang, UCLA Discussant: Milena Wittwer, Boston College The Limits of Multi-Dealer Platforms The Wharton School, University of Pennsylvania |
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| Track T7-5: Entrepreneurship and Innovations Location: RRH 4.416 Chair: Adrien Matray, Princeton University Discussant: Max Miller, The Wharton School Market Integration, Risk-Taking, and Income Inequality 1: Cornell University; 2: University of Rochester; 3: The Chinese University of Hong Kong |
Track T8-5: Bubbles and Expectations Location: RRH 5.402 Chair: Lawrence Jin, Cornell University Discussant: Xing Huang, Washington University in St. Louis Memory Moves Markets University of Southern California |
Track T9-5: Real Estate and Default Location: RRH 5.408 Chair: Caitlin Gorback, U Texas Discussant: W Ben McCartney, UVA Political Voice and (Mortgage) Market Participation: Evidence from Minority Disenfranchisement 1: Booth School of Business, University of Chicago; 2: National University of Singapore |
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| 3:20pm - 3:30pm |
Break |
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| 3:30pm - 4:15pm |
RAPS & RCFS Keynote Location: RRH 1.400 "The Rise of Credit Policy" by Deborah Lucas (MIT Sloan School of Management) |
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| 4:15pm - 6:00pm |
Reception Location: Rowling Hall Plaza (Weather back-up location: Zlotnik Ballroom pre-function area) |
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| Date: Wednesday, 24/May/2023 | |||
| 8:30am - 3:00pm |
Registration Location: Rowling Hall Atrium Visit the registration desk to pick up your name badge. |
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| 9:00am - 9:45am |
Track W1-1: Fund Flows, Asset Demand and Asset Prices Location: RRH 3.310 Chair: Yao Zeng, University of Pennsylvania Discussant: Kerry Siani, MIT Is Asset Demand Elasticity Set at the Household or Intermediary Level? 1: University of Oklahoma, Price College of Business; 2: Indiana University, Kelly School of Business |
Track W2-1: Finance, Technology and FinTech Location: RRH 3.402 Chair: Michael Sockin, UT Austin Discussant: Jiasun Li, George Mason University Cryptocurrency Investing: Stimulus Checks and Inflation Expectations 1: Harvard Business School; 2: Brigham Young University; 3: Northwestern University; 4: Emory University |
Track W3-1: Capital Structure Location: RRH 3.406 Chair: Effi Benmelech, Northwestern University Discussant: Michael Fishman, Kellogg School of Management, Northwestern University Can information imprecision be valuable? The case of credit ratings 1: University of Bristol Business School; 2: Department of Economics and Related Studies, University of York; 3: Olin Business School, Washington University in St. Louis |
| Track W4-1: Stocks, Bonds, and the Macroeconomy Location: RRH 3.414 Chair: Greg Duffee, Johns Hopkins Discussant: Alex Hsu, Georgia Institute of Technology Risky Business Cycles 1: Boston College; 2: HEC Montreal; 3: Cornell University |
Track W5-1: ESG (2) Location: RRH 4.314 Chair: Andrew Koch, U Pitt Discussant: Matthew Gustafson, Pennsylvania State University Investments that Make our Homes Greener: The Role of Regulation 1: Duke University; 2: London Business School and CEPR; 3: London Business School; 4: Nanyang Technological University |
Track W6-1: Governance Location: RRH 4.408 Chair: Katharina Lewellen, Dartmouth Chair: Tracy Yue Wang, Carlson School Discussant: Ian Appel, Darden CLASSIFIED BOARDS: ENDANGERED SPECIES OR HIDING IN PLAIN SIGHT? 1: Iowa State University; 2: University of Tennessee |
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| Track W7-1: Pricing Kernels, Options, and Crashes Location: RRH 4.416 Chair: Anisha Ghosh, McGill Discussant: Kris Jacobs, Bauer College of Business Horizon Effects in the Pricing Kernel: How Investors Price Short-term versus Long-term Risks 1: Tilburg University; 2: Rotterdam School of Management, Erasmus University |
Track W8-1: Information Location: RRH 5.402 Chair: Liyan Yang, University of Toronto Chair: Sang Byung Seo, University of Wisconsin-Madison The Pre-FOMC Announcement Drift and Private Information: Kyle Meets Macro-Finance CUHK Finance |
Track W9-1: Banking Location: RRH 5.408 Chair: Janet Ruoran Gao, Georgetown University Chair: Elena Loutskina, UVA Discussant: Zhiguo He, Chicago Booth Systemic Risk in Financial Networks Revisited: The Role of Maturity 1: WashU and USC; 2: Columbia and USC; 3: Columbia |
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| 9:45am - 10:15am |
Break |
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| 10:15am - 11:00am |
Track W1-2: Fund Flows, Asset Demand and Asset Prices Location: RRH 3.310 Chair: Yao Zeng, University of Pennsylvania Discussant: Caitlin Dannhauser, Villanova The Disappearing Index Effect Harvard Business School |
Track W2-2: Finance, Technology and FinTech Location: RRH 3.402 Chair: Michael Sockin, UT Austin Discussant: Amin Shams, Ohio State University Inclusion and Democratization Through Web3 and DeFi? Initial Evidence from the Ethereum Ecosystem 1: Cornell University SC Johnson College of Business and NBER; 2: Institute of Economics, School of Social Science, Tsinghua University; 3: School of Management, Xi'an Jiaotong University |
Track W3-2: Capital Structure Location: RRH 3.406 Chair: Effi Benmelech, Northwestern University Discussant: Jason Roderick Donaldson, Washington University in St Louis When Is (Performance-Sensitive) Debt Optimal? 1: Queen's University; 2: LBS; 3: LSE |
| Track W4-2: Stocks, Bonds, and the Macroeconomy Location: RRH 3.414 Chair: Greg Duffee, Johns Hopkins Discussant: Anh Le, Penn State Pricing and Constructing International Government Bond Portfolios WU Vienna University of Economics and Business |
Track W5-2: ESG (2) Location: RRH 4.314 Chair: Andrew Koch, U Pitt Discussant: Ed Van Wesep, University of Colorado Boulder Corporate Social Responsibility and Employee Retention 1: Texas A&M University; 2: Temple University; 3: University of Minnesota |
Track W6-2: Governance Location: RRH 4.408 Chair: Katharina Lewellen, Dartmouth Chair: Tracy Yue Wang, Carlson School Discussant: Jonathan Cohn, University of Texas-Austin Board Interlocks, Knowledge Spillovers, and Corporate Innovation 1: Georgia State University; 2: Baylor University |
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| Track W7-2: Pricing Kernels, Options, and Crashes Location: RRH 4.416 Chair: Anisha Ghosh, McGill Discussant: Gurdip Bakshi, Department of Finance, Fox School of Business, Temple Univeristy Risk preferences implied by synthetic options 1: Northwestern University; 2: Yale University |
Track W8-2: Information Location: RRH 5.402 Chair: Liyan Yang, University of Toronto Chair: Brian Waters, University of Colorado, Boulder Time Trumps Quantity in the Market for Lemons 1: UT Austin / UC3M; 2: University of Essex; 3: FGV |
Track W9-2: Banking Location: RRH 5.408 Chair: Janet Ruoran Gao, Georgetown University Chair: Elena Loutskina, UVA Discussant: Ralf Meisenzahl, Federal Reserve Bank of Chicago Bank Funding Risk, Reference Rates, and Credit Supply 1: Stanford; 2: Federal Reserve Bank of New York; 3: City University of Hong Kong |
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| 11:00am - 11:15am |
Break |
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| 11:15am - 12:00pm |
Track W1-3: Fund Flows, Asset Demand and Asset Prices Location: RRH 3.310 Chair: Yao Zeng, University of Pennsylvania Discussant: Sylvain Catherine, University of Pennsylvania Asset Demand of U.S. Households 1: Chicago Booth; 2: Harvard University; 3: Princeton University |
Track W2-3: Finance, Technology and FinTech Location: RRH 3.402 Chair: Michael Sockin, UT Austin Discussant: Thomas Rivera, McGill University Automated Market Making and Loss-Versus-Rebalancing 1: Columbia University; 2: Columbia University Graduate School of Business; 3: University of Chicago Booth School of Business |
Track W3-3: Capital Structure Location: RRH 3.406 Chair: Effi Benmelech, Northwestern University Discussant: Adriano Rampini, Duke University Debt Maturity Management 1: UNC; 2: DUKE; 3: CUHK Finance |
| Track W4-3: Stocks, Bonds, and the Macroeconomy Location: RRH 3.414 Chair: Greg Duffee, Johns Hopkins Discussant: Martin Lettau, UC Berkeley The Co-movement Puzzle Universitat Pompeu Fabra |
Track W5-3: ESG (2) Location: RRH 4.314 Chair: Andrew Koch, U Pitt Discussant: Dmitriy Muravyev, Michigan State University Unlocking ESG Premium from Options 1: The Hong Kong Polytechnic University; 2: University of Lausanne and Swiss Finance Institute; 3: Fudan University; 4: IE University |
Track W6-3: Governance Location: RRH 4.408 Chair: Katharina Lewellen, Dartmouth Chair: Tracy Yue Wang, Carlson School Discussant: Vyacheslav Fos, Boston College The Rise of Anti-Activist Poison Pills 1: Duke University; 2: Drexel University; 3: Ohio State University |
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| Track W7-3: Pricing Kernels, Options, and Crashes Location: RRH 4.416 Chair: Anisha Ghosh, McGill Discussant: Ivan Shaliastovich, University of Wisconsin Madison Measuring Time-Varying Disaster Risk: An Empirical Analysis of Dark Matter in Asset Prices 1: Cornell University; 2: Princeton University |
Track W8-3: Information Location: RRH 5.402 Chair: Liyan Yang, University of Toronto Chair: Jesse Davis, University of North Carolina - Chapel Hill The Market for ESG Ratings 1: University of Oklahoma, Price College of Business; 2: University of Oxford, Said Business School |
Track W9-3: Banking Location: RRH 5.408 Chair: Janet Ruoran Gao, Georgetown University Chair: Elena Loutskina, UVA Discussant: Daniel Weagley, Georgia Institute of Technology Disclosure of Bank-Specific Information and the Stability of Financial Systems 1: Shanghai Jiao Tong University; 2: Chinese University of Hong Kong and University of Chicago; 3: UCL |
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| 12:00pm - 1:30pm |
Lunch with Keynote by Cavalcade Chair & Presentation of Cavalcade Awards Location: Zlotnik Ballroom Presentation by Victoria Ivashina (Harvard Business School) |
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| 1:30pm - 2:15pm |
Track W1-4: Fund Flows, Asset Demand and Asset Prices Location: RRH 3.310 Chair: Yao Zeng, University of Pennsylvania Discussant: Jaewon Choi, University of Illinois at Urbana-Champaign Capital Concentration of the Bond Fund Industry and Bond Market Fragility 1: Texas A&M University; 2: National University of Singapore; 3: University of California, Irvine |
Track W2-4: Finance, Technology and FinTech Location: RRH 3.402 Chair: Michael Sockin, UT Austin Discussant: Jing Huang, Texas A&M University Bank Competition amid Digital Disruption: Implications for Financial Inclusion 1: UCLA; 2: USC; 3: Singapore Management School |
Track W3-4: Capital Structure Location: RRH 3.406 Chair: Effi Benmelech, Northwestern University Discussant: Joao Monteiro, Northwestern University Signalling with Debt Currency Choice 1: Bank for International Settlements; 2: EPFL; 3: Princeton |
| Track W4-4: Stocks, Bonds, and the Macroeconomy Location: RRH 3.414 Chair: Greg Duffee, Johns Hopkins Discussant: Redouane Elkamhi, Toronto Investor Betas 1: University of Colorado; 2: University of Maryland; 3: University of Lausanne |
Track W5-4: ESG (2) Location: RRH 4.314 Chair: Andrew Koch, U Pitt Discussant: Bruce Carlin, Rice Externalities of Responsible Investments 1: Indiana University, Kelley School of Business; 2: Toulouse School of Economics |
Track W6-4: Governance Location: RRH 4.408 Chair: Katharina Lewellen, Dartmouth Chair: Tracy Yue Wang, Carlson School Discussant: Yihui Pan, University of Utah Control Without Ownership: Governance of Nonprofit Hospitals 1: University of Wisconsin Milwaukee; 2: Dartmouth College, Tuck Business School; 3: University of Wisconsin Milwaukee |
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| Track W7-4: Pricing Kernels, Options, and Crashes Location: RRH 4.416 Chair: Anisha Ghosh, McGill Discussant: Tobias Sichert, Stockholm School of Economics Option-Implied Spreads and Option Risk Premia 1: University of Toronto; 2: University of Chcago; 3: John Hopkins Institute for Applied Economics |
Track W8-4: Information Location: RRH 5.402 Chair: Liyan Yang, University of Toronto Chair: Eduardo Davila, Yale University Valuing Financial Data 1: MIT, NBER; 2: Columbia University; 3: Columbia University and NBER; 4: NYU Stern School of Business, Federal Reserve Bank of Minneapolis and NBER |
Track W9-4: Banking Location: RRH 5.408 Chair: Janet Ruoran Gao, Georgetown University Chair: Elena Loutskina, UVA Discussant: Jinyuan Zhang, UCLA The Value of Lending Relationships 1: Chapman University; 2: Arizona State University; 3: OCC, Dept. of Treasury; 4: OFR, Dept. of Treasury |
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| 2:15pm - 2:35pm |
Break |
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| 2:35pm - 3:20pm |
Track W1-5: Fund Flows, Asset Demand and Asset Prices Location: RRH 3.310 Chair: Yao Zeng, University of Pennsylvania Discussant: Yang Sun, Brandeis University Correlated Demand Shocks and Asset Pricing The Ohio State University |
Track W2-5: Finance, Technology and FinTech Location: RRH 3.402 Chair: Michael Sockin, UT Austin Discussant: Quentin Vandeweyer, University of Chicago Booth School of Business Finance in a Time of Disruptive Growth 1: Washington University, St. Louis; 2: University of California Los Angeles |
Track W3-5: Capital Structure Location: RRH 3.406 Chair: Effi Benmelech, Northwestern University Discussant: Effi Benmelech, Northwestern University Financing Cycles 1: Copenhagen Business School; 2: Danish Finance Institute; 3: HEC Montreal; 4: EPF Lausanne; 5: Swiss Finance Institute; 6: CEPR; 7: BI Norwegian Business School |
| Track W4-5: Stocks, Bonds, and the Macroeconomy Location: RRH 3.414 Chair: Greg Duffee, Johns Hopkins Discussant: Ali Ozdagli, Federal Reserve Bank of Dallas Equity Term Structure Response to FOMC Announcements 1: University of Notre Dame; 2: University of Notre Dame |
Track W5-5: ESG (2) Location: RRH 4.314 Chair: Andrew Koch, U Pitt Discussant: Ryan Lewis, University of Colorado Is Physical Climate Risk Priced? Evidence from Regional Variation in Exposure to Heat Stress 1: New York University Stern School of Business, CEPR, ECGI and NBER; 2: University of Illinois Urbana-Champaign; 3: Columbia Business School; 4: Boston College Carroll School of Management |
Track W6-5: Governance Location: RRH 4.408 Chair: Katharina Lewellen, Dartmouth Chair: Tracy Yue Wang, Carlson School Discussant: Xiao Cen, Texas A&M University Does Mandating Women on Corporate Boards Backfire? 1: University of British Columbia; 2: University of Virginia |
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| Track W7-5: Pricing Kernels, Options, and Crashes Location: RRH 4.416 Chair: Anisha Ghosh, McGill Discussant: Andreas Stathopoulos, UNC Kenan-Flagler Business School Arbitrage Bounds on Cross Currency Options 1: Imperial College London; 2: University of Warwick; 3: City, University of London |
Track W8-5: Information Location: RRH 5.402 Chair: Liyan Yang, University of Toronto Chair: Will Gornall, UBC Sauder School of Business Open Banking and Customer Data Sharing: Implications for FinTech Borrowers 1: Goethe University Frankfurt; 2: Leibniz Institute for Financial Research SAFE |
Track W9-5: Banking Location: RRH 5.408 Chair: Janet Ruoran Gao, Georgetown University Chair: Elena Loutskina, UVA Discussant: Erik Mayer, Southern Methodist University Gender, performance, and promotion in the labor market for commercial bankers 1: Maastricht University; 2: Emory University, Goizueta Business School; 3: University of Zurich; 4: Swiss Finance Institute; 5: KU Leuven; 6: NTNU; 7: CEPR |
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| 3:30pm - 5:30pm |
Reception Location: Rowling Hall Plaza |
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| Date: Thursday, 25/May/2023 | |||
| 8:30am - 3:00pm |
Registration Location: Rowling Hall Atrium Visit the registration desk to pick up your name badge. |
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| 9:00am - 9:45am |
Track TH1-1: Climate and Health Location: RRH 3.310 Chair: Doron Levit, University of Washington Discussant: Claire Celerier, University of Toronto- Rotman School of Management Bank Presence and Health LSE |
Track TH2-1: PE and M&A Markets Location: RRH 3.402 Chair: Will Gornall, UBC Sauder School of Business Discussant: Oleg Gredil, Tulane Size, returns and value added: Do private equity firms allocate capital according to manager skill? 1: Technical University of Munich; 2: Oxford University; 3: Erasmus University Rotterdam |
Track TH3-1: Big Data, Short-Selling, and Trading Location: RRH 3.406 Chair: Martin Lettau, UC Berkeley Discussant: Andrew Chen, Federal Reserve Board Missing Financial Data 1: London Business School; 2: Stanford University; 3: Haas School of Business, Berkeley; 4: NBER; 5: CEPR |
| Track TH4-1: MacroFinance Location: RRH 3.414 Chair: Mindy Xiaolan, UT Austin Discussant: Huan Tang, London School of Economics Data and Welfare in Credit Markets 1: Utah Eccles School of Business; 2: University of Chicago Booth School of Business |
Track TH5-1: Small and Medium-Sized Enterprises (SME) Location: RRH 4.314 Chair: Daniel Greenwald, NYU Stern Discussant: Nishant Vats, University of Chicago Booth School of Business Seizing Opportunities: Businesses, Social Capital, and Banks University of Maryland |
Track TH6-1: Cross-Sectional Asset (Mis)Pricing Location: RRH 4.408 Chair: Winston Wei Dou, The Wharton School at University of Pennsylvania Discussant: Peter G. Hansen, Purdue University Short Covering 1: Vanderbilt University; 2: Baruch College, CUNY; 3: University of Utah; 4: DePaul University |
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| Track TH7-1: Market Structure Location: RRH 4.416 Chair: Travis Johnson, The University of Texas at Austin Discussant: Alberto Teguia, University of British Columbia Would Order-By-Order Auctions Be Competitive? 1: University of Maryland; 2: Carnegie Mellon University; 3: Singapore Management University |
Track TH8-1: Financial Frictions Location: RRH 5.402 Chair: John Griffin, McCombs School of Business Chair: Sam Kruger, University of Texas at Austin Discussant: Daniel Neuhann, University of Texas at Austin Financing Infrastructure in the Shadow of Expropriation 1: New York University; 2: Columbia University |
Track TH9-1: International Asset Pricing Location: RRH 5.408 Chair: Juliana Salomao, University of Minnesota Discussant: Federico Gavazzoni, BI Norwegian Business School International Arbitrage Premia 1: University of Michigan; 2: USI Lugano & SFI |
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| 9:45am - 10:15am |
Break |
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| 10:15am - 11:00am |
Track TH1-2: Climate and Health Location: RRH 3.310 Chair: Doron Levit, University of Washington Discussant: Tuomas Tomunen, Boston College Carroll School of Management When Green Investors Are Green Consumers 1: Boston University; 2: EDHEC Business School |
Track TH2-2: PE and M&A Markets Location: RRH 3.402 Chair: Will Gornall, UBC Sauder School of Business Discussant: Minmo Gahng, University of Florida The Value of Privacy and the Choice of Limited Partners by Venture Capitalists 1: University of Virginia; 2: University of British Columbia; 3: Graduate School of Business, Stanford University |
Track TH3-2: Big Data, Short-Selling, and Trading Location: RRH 3.406 Chair: Martin Lettau, UC Berkeley Discussant: Bryan Seegmiller, Northwestern Textual Analysis of Short-seller Research Reports: Dissecting Fraud, Cash-Flow News, and Investors' Underreaction 1: University of Pennsylvania; 2: University of London; 3: University of Florida |
| Track TH4-2: MacroFinance Location: RRH 3.414 Chair: Mindy Xiaolan, UT Austin Discussant: Chenzi Xu, Stanford Central Bank Balance Sheets and the Macroeconomy, 1587-2020 1: Boston College; 2: Hoover Institution, Stanford; 3: Sciences Po; 4: University Bonn |
Track TH5-2: Small and Medium-Sized Enterprises (SME) Location: RRH 4.314 Chair: Daniel Greenwald, NYU Stern Discussant: Jakub Hajda, HEC Montreal Getting the Banks on Board: Accounts Receivable Financing in the US Massachusetts Institute of Technology |
Track TH6-2: Cross-Sectional Asset (Mis)Pricing Location: RRH 4.408 Chair: Winston Wei Dou, The Wharton School at University of Pennsylvania Discussant: Jincheng Tong, University of Toronto R&D, Expected Profitability, and Expected Returns 1: University of Lausanne; 2: Arizona State University |
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| Track TH7-2: Market Structure Location: RRH 4.416 Chair: Travis Johnson, The University of Texas at Austin Discussant: Alexandros Vardoulakis, Federal Reserve Board of Governors Less Is More INSEAD |
Track TH8-2: Financial Frictions Location: RRH 5.402 Chair: John Griffin, McCombs School of Business Chair: Sam Kruger, University of Texas at Austin Discussant: Kimberly Cornaggia, Penn State Gas, Guns, and Governments: Financial Costs of Anti-ESG Policies 1: Wharton School, University of Pennsylvania; 2: FRB Chicago |
Track TH9-2: International Asset Pricing Location: RRH 5.408 Chair: Juliana Salomao, University of Minnesota Discussant: Alexandre Reggi Pecora, University of Minnesota Concealed Carry 1: UNC; 2: Bocconi; 3: BI Norwegian Business School |
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| 11:00am - 11:15am |
Break |
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| 11:15am - 12:00pm |
Track TH1-3: Climate and Health Location: RRH 3.310 Chair: Doron Levit, University of Washington Discussant: Ian Appel, Darden Every emission you create–every dollar you’ll donate: The effect of regulation-induced pollution on corporate philanthropy 1: Queensland University of Technology; 2: University of Technology Sydney; 3: University of California at Berkeley |
Track TH2-3: PE and M&A Markets Location: RRH 3.402 Chair: Will Gornall, UBC Sauder School of Business Discussant: Dan Luo, Chicago Booth A Model of Informed Intermediation in the Market for Going Public University of Texas-Austin |
Track TH3-3: Big Data, Short-Selling, and Trading Location: RRH 3.406 Chair: Martin Lettau, UC Berkeley Discussant: Amit Goyal, University of Lausanne Risk Momentum: A New Class of Price Patterns 1: Rutgers University; 2: Renmin University of China; 3: WUSTL |
| Track TH4-3: MacroFinance Location: RRH 3.414 Chair: Mindy Xiaolan, UT Austin Discussant: Pavel Zryumov, University of Rochester Public Liquidity and Intermediated Liquidity University of Washington |
Track TH5-3: Small and Medium-Sized Enterprises (SME) Location: RRH 4.314 Chair: Daniel Greenwald, NYU Stern Discussant: Matteo Leombroni, Stanford Asymmetric Information and Corporate Lending: Evidence from SME Bond Markets 1: Bank of Italy; 2: EIEF |
Track TH6-3: Cross-Sectional Asset (Mis)Pricing Location: RRH 4.408 Chair: Winston Wei Dou, The Wharton School at University of Pennsylvania Discussant: Alexander Chinco, Baruch College Causal Effect of Information Costs on Asset Pricing Anomalies 1: California State University Long Beach; 2: Michigan State University |
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| Track TH7-3: Market Structure Location: RRH 4.416 Chair: Travis Johnson, The University of Texas at Austin Discussant: Kevin Crotty, Rice University Tiny Trades, Big Questions: Fractional Shares 1: University of California Berkeley; 2: Columbia University; 3: Cornell University |
Track TH8-3: Financial Frictions Location: RRH 5.402 Chair: John Griffin, McCombs School of Business Chair: Sam Kruger, University of Texas at Austin Discussant: Vladimir Mukharlyamov, Georgetown Catering and Return Manipulation in Private Equity University of Florida |
Track TH9-3: International Asset Pricing Location: RRH 5.408 Chair: Juliana Salomao, University of Minnesota Discussant: Andreas Stathopoulos, UNC Kenan-Flagler Business School Understanding the Strength of the Dollar 1: Northwestern Kellogg; 2: NYU Stern; 3: Federal Reserve Board |
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| 12:00pm - 1:30pm |
Lunch Location: Zlotnik Ballroom |
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| 1:30pm - 2:15pm |
Track TH1-4: Climate and Health Location: RRH 3.310 Chair: Doron Levit, University of Washington Discussant: Ishita Sen, Harvard Business School Imperfect Flood Insurance Enforcement and Business Misallocation 1: Federal Reserve Bank of Philadelphia; 2: University of Wisconsin-Madison |
Track TH2-4: PE and M&A Markets Location: RRH 3.402 Chair: Will Gornall, UBC Sauder School of Business Discussant: Simona Abis, Columbia The Adoption of Artificial Intelligence by Venture Capitalists HEC Paris |
Track TH3-4: Big Data, Short-Selling, and Trading Location: RRH 3.406 Chair: Martin Lettau, UC Berkeley Discussant: Stavros Panageas, University of California Los Angeles See it, Say it, Shorted: Strategic Announcements in Short-Selling Campaigns London School of Economics |
| Track TH4-4: MacroFinance Location: RRH 3.414 Chair: Mindy Xiaolan, UT Austin Discussant: Alexandre Corhay, Rotman Can the Fed Control Inflation? Stock Market Implications 1: McGill; 2: UT Dallas |
Track TH5-4: Small and Medium-Sized Enterprises (SME) Location: RRH 4.314 Chair: Daniel Greenwald, NYU Stern Discussant: Sheisha Kulkarni, McIntire School of Commerce UVA Bank Competition and Entrepreneurial Gaps: Evidence from Bank Deregulation Boston College |
Track TH6-4: Cross-Sectional Asset (Mis)Pricing Location: RRH 4.408 Chair: Winston Wei Dou, The Wharton School at University of Pennsylvania Discussant: Seth Pruitt, ASU The Statistical Limit of Arbitrage 1: University of Chicago; 2: University of Chicago; 3: University of Chicago |
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| Track TH7-4: Market Structure Location: RRH 4.416 Chair: Travis Johnson, The University of Texas at Austin Discussant: Parth Venkat, University of Alabama Supply Chain Risk: Changes in Supplier Composition and Vertical Integration 1: Michigan State University; 2: Stockholm School of Economics; 3: Southern Methodist University |
Track TH8-4: Financial Frictions Location: RRH 5.402 Chair: John Griffin, McCombs School of Business Chair: Sam Kruger, University of Texas at Austin Discussant: Braden Mern Williams, University of Texas at Austin Improving the Measurement of Tax Residence: Implications for Research on Corporate Taxation University of Texas at Dallas |
Track TH9-4: International Asset Pricing Location: RRH 5.408 Chair: Juliana Salomao, University of Minnesota Discussant: Haonan Zhou, Princeton University Internationalizing Like China 1: Yale University; 2: Columbia University; 3: Stanford University |
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| 2:15pm - 2:35pm |
Break |
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| 2:35pm - 3:20pm |
Track TH1-5: Climate and Health Location: RRH 3.310 Chair: Doron Levit, University of Washington Discussant: Michael Gelman, University of Delaware "There is No Planet B", but for Banks "There are Countries B to Z": Domestic Climate Policy and Cross-Border Lending 1: University of Zurich; 2: Tilburg University; 3: Swiss Finance Institute |
Track TH2-5: PE and M&A Markets Location: RRH 3.402 Chair: Will Gornall, UBC Sauder School of Business Discussant: Zhe Wang, Pennsylvania State University The Evolution of the Market for Corporate Control 1: London School of Economics & Political Science; 2: Santa Clara University; 3: Central European University |
Track TH3-5: Big Data, Short-Selling, and Trading Location: RRH 3.406 Chair: Martin Lettau, UC Berkeley Discussant: Simona Abis, Columbia Expert Network Calls 1: Ohio State University; 2: University of Maaryland; 3: Emory University; 4: University of North Carolina, Greensboro |
| Track TH4-5: MacroFinance Location: RRH 3.414 Chair: Mindy Xiaolan, UT Austin Discussant: Wenhao Li, University of Southern California Stop Believing in Reserves Federal Reserve Board |
Track TH5-5: Small and Medium-Sized Enterprises (SME) Location: RRH 4.314 Chair: Daniel Greenwald, NYU Stern Discussant: Pradeep Muthukrishnan, Tulane University Too Many Managers: Strategic Use of Titles to Avoid Overtime Payments 1: Harvard University; 2: University of Texas at Dallas |
Track TH6-5: Cross-Sectional Asset (Mis)Pricing Location: RRH 4.408 Chair: Winston Wei Dou, The Wharton School at University of Pennsylvania Discussant: Kent Daniel, Columbia Business School Anomalies and Their Short-Sale Costs 1: Michigan State University; 2: University of Illinois at Urbana-Champaign |
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| Track TH7-5: Market Structure Location: RRH 4.416 Chair: Travis Johnson, The University of Texas at Austin Discussant: Kristy Jansen, USC Marshall The Value of Arbitrage 1: New York University; 2: Yale University |
Track TH8-5: Financial Frictions Location: RRH 5.402 Chair: John Griffin, McCombs School of Business Chair: Sam Kruger, University of Texas at Austin Discussant: Jess Cornaggia, Penn State University Borrowing choices of local governments and the term structure of interest rates 1: University of Liverpool; 2: Cardiff University |
Track TH9-5: International Asset Pricing Location: RRH 5.408 Chair: Juliana Salomao, University of Minnesota Discussant: Leslie Shen, Federal Reserve Bank of Boston Can Time-Varying Currency Risk Hedging Explain Exchange Rates? 1: University of Geneva; 2: Swiss Finance Institute; 3: CEPR |
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